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to work. >> , come thank you. [applause] >> more about the impact of the fiscal cliff coming about as the joint chief of staff >> i think the writers institute is very important that in the culture. we are a culture of words, of the voices. the words are key to our imagination and a capacity to envision things. we ourselves are tied to print on the page. but i think there is no other art form so readily accessible that is something in literature and the just captures the human spirit. .. former chairman of the joint chiefs of staff admiral michael mueller joined former senators in the house armed services committee chairman this week to urge congress to avoid sequestration. also speaking over the next 50 minutes, arms services committee chairman sam nunn, ike skelton and the national security hosted this event in washington, d.c.. >> good afternoon. thank you for coming. my name is pete peterson. i would have given you a review of the foundation and why we are supporting the project you are here about today. starting about 30 years ago, after studying the profound demographic trend
're talking about the fiscal cliff. well, the fiscal cliff has many components. it may be broken into many different bills that come before this body. would end to get rid of the motion to proceed so we can get those bills to the floor so we can debate them. we need to make sure that if a group say, let's block in bill from the final vote, that think express their views accountably before the public. it's the least that should happen. so the senate is headed out for the weekend. we'll be back next week, and i ask for the american public to weigh in, to think about the fact that this hidden process is hurting our ability to address the biggest issues in america. i ask my colleagues to wrestle with that. and, mr. president, it is my hope that folks will hold those conversations with the public back home. i have done so in every county of my state, through my town halls. i hold one in every county every year. i have raised this issue of whether or not when folks vote for debate they should be required to debate, they should be required to make their case, not to kill bills in the dark of nigh
of compromise, if the so-called fiscal cliff talks do not come to a conclusion, it's implemented, have you looked at how you have to compromise the university of pennsylvania? how it would affect the university of pennsylvania? >> yeah. if we were to go over the miscall cliff, and more so if there isn't compromise that really establishes the american financial system on solid grounding, then there will be many ways in which we, as a university, and every university in the country will be compromised in the sense of compromising our quality. we will be -- we depend upon the funding of biomedical research to spur innovation in the country. that will dry up. we are committed to making penn affordable for the undergraduates which costs $181 million a year. that's twice the amount it costs us eight years august because we ramped up financial aid, and the more unemployment terrorist in the country, the more we spend on financial aid, and it would be a tragedy if the country moved in a direction to make education less affordable so, we, as a university, are very dependent and very concerned about
to deadline. there will be a deadline, the so-called fiscal cliff, coming up and the president has announced that we don't have enough time to do entitlement reform, we don't have enough time to do tax reform, we don't have enough time to do immigration reform. well, when are we going to start? when is there going to be a committee hearing designated towards entitlement reform? i've been here two years. there's no such committee. when will there be committee hearings and meetings on immigration reform? there won't be time, deadlines will pass. but why not break things up into smaller pieces? why have to have some enormous fiscal cliff, or whatever, that everybody has to agree to a thousand moving parts? we are of different persuasions, of different parties, of different beliefs. we're never going to agree on a thousand things. why don't we start passing some things we can agree to? this is a small step forward. we can pass this bill today. do you have an explanation that you can help me to understand why we have to have empty partisanship, why we can't move forward to pass some small things
to be an arrangement made between the president and speaker boehner on our fiscal cliff that's coming up in just a few weeks. i know that all of us want to see that happen. i think that each of us knows that the very best thing that can happen for the economy in new york or tennessee or anyplace is for us to get this behind us and for businesses to begin this next year knowing that congress and the white house have worked out an arrangement to put this fiscal issue in the rearview mirror. i know that we're moving hopefully -- hopefully what we'd like to do is move not just beyond the fiscal cliff but have a fiscal reform bill in place that's in the $4 trillion, $4.5 trillion range, so that he he -- we can at least for a period of time put this issue in the rearview mirror. madam president, i want to tell you i'm hopeful that that will occur. i know there have been a lot of discussions in our caucus and your caucus about that happening. on the other hand, madam president, it's my understanding that these negotiations really aren't moving along very rapidly. we only have a few weeks left in this year. i
by the inability of congress to come together on solving the fiscal cliff, the so-called fiscal cliff. we understand that this needs to be avoided. going off the fiscal cliff could cause a major damage to our economy. if we take no action by january 1, as i'm sure most people are now aware, tax rates will go back for all taxpayers to the pre-bush tax rates. the alternative minimum tax that shields tens of millions of americans from paying extra income taxes will expire and millions of americans will be subject to extra taxes. the unemployment insurance program will come, the extended benefit program will come to a halt, the payroll tax holiday will end and individuals' take-home pay will be reduced. we have a serious problem on medicare reimbursement to our physicians. they would be subjected to a significant cut, close to 30% which would have an impact on seniors and our disabled population having access to physician care. and we would go through what's known as sequestration which is across-the-board cuts to almost all federal programs ranging from 8% to about 10% across the board cuts.
comes out of the fiscal cliff to their committees to help develop the details of how to do entitlement reform and tax reform. so we are very like you have with us today chairmen bockius who is somebody who's been thinking about these ideas for quite some time, hazard immense amount of expertise and will talk to us today about where the situation stands and where hopefully we will be able to move from there. thank you so much, senator. [applause] >> thank you very much, maya. thank everyone here for fix the debt, putting the fix to get conference together. this is an interesting senate. have my back to all these a luminaries here. i don't know whether there will be darts in my back or spitballs, whatever it's going to be, but it's good to be here and try to help any way i can. i first want to commend erskine bowles and senator alan simpson, retired coalition for your laserlike focus on this. you are engaging the american people, however. drawing attention to fiscal challenges that threaten our future. i know many here today are proponents to simpson-bowles plan. as you may know, i serve
entrepreneurship. so what's a short-term fiscal cliff deal and longer-term budget, what does that come how does it have to be structured in your view in a way that will put us in a position to deal with these other things? >> short term it's the issue of the sequester between dollars, how do we make the cut but the president is very clear about this. we should not cut access to higher education. my own state, we've seen cutting of fire education. how is that going to help pennsylvania's, or americans to build have access when attractive companies, if we don't have a skilled workforce. that's always been important, how do we actually -- so we need to make sure that we're helping education, our role. [inaudible] all of our schools could do better, either finest public schools. in my own district has lots of very good schools and some that are struggling. even the most on the wealthiest school districts want the federal government to help them. that starts at a very early age. access to education i don't have families and digits are earning incomes of $50,000, think about that. how do they do that
-term debt crisis, the so-called fiscal cliff, and i hope that we will, the debt in the years to come will increasingly dominate the budget. it will pressure defense and a in a serious way. so without addressing the long-term tenure solution as the animal outline, the defense budget is going to be under increasing pressure. that is inevitable and the interest rates have not even started going up, which is also inevitable at some point. the third one a month make is that the problems within the internal defense budget and the dynamics of this budget also make the problem more difficult and more complicated. it also requires a longer term to address some of these calls. first of all, the rising health care costs, and retirement costs and fuel inefficiency. each of those has their own complexities, but all are important. so the budget is going to have to be addressed, even if the topline is the one that is a rational topline. in other words, we have entitlements within the defense budget now which are comparable to the entitlements and all the snow we have to deal with outside the defens
cliff. so, again, i hope the president and speaker boehner will come up with a solution that puts us -- puts this behind us. we all know what we need to do. what we've lacked around here is just the political courage to sit down, both sides of the aisle have issues, i understand that, but we've lacked the political courage to sit down and deal with this issue. so it appears to me again that where we may be headed is towards the end of this month rescuing the 98%, putting that issue over the side and then using the debt ceiling or the c.r. as that forcing moment to cause us to finally come to terms with this fiscal issue. and i regret that we are in a place in our country where we have to have these forcing moments but that's where i believe we're headed. and i can just say to everybody in here, what i cannot abide by, one senator, since i know that we know what all the solutions are, we know the changes that need to be made, we could sit down and go through columns on either side, revenues and -- and changes to get us in a place where we need to be, but we haven't done it, and i'm af
parties can't get together to come to agreement on avoiding the fiscal cliff. it's as if some are in denial that there was an election and that the president won reelection. and that a whole bunch of us won reelection to the senate and to the house. it's as if the ideological rigidity is still indoctrinaire. and the lesson as that the people were telling us about -- and the lessons that the people were telling us about bipartisanship, that they demand bipartisanship, as if the parties and their leaders didn't understand that that's what the american people were demanding. and here, as the drumbeat grows louder as we approach december 31st and falling off the fiscal cliff. now, there's an easy cliff, whatever your ideology and your approach to this. it can be hammered out next year when we are doing major things, such as a rewrite of the i.r.s. tax code and all that that can portend in producing revenue. by making the code more streamlined and in the process get rid of a lot of the underbrush, loopholes, utilize that revenue to lower rates. but that's for another day after long
principles. host: do they believe a recession could happen if we fall off the so called "fiscal cliff?" guest: they do. what we saw last year is business leaders were concerned that washington was not going to come together with a deal. and that it could end badly, but it was a more muted concern. they just trusted washington would get it done. given how quickly things happened last time, they are taking a much more active role. business leaders have come to washington to require a minimum height standard for the ride of the fiscal cliff. they want to make sure that members of either party who are speaking out are as close as possible to simpson-bowles. talk about real cuts, about real revenue. it's much more and ownership in the process this time. host: where does your group come down on regulations? guest: our job is to go out and get business leaders around the country more involved. the business leaders speak for themselves. business leaders are generally extremely influential in their home markets. there are the kind of people if that can give a member of congress moderate republican or
the fiscal cliff, we shouldn't do $4 trillion deal. wish to a $9 trillion deal and create the confidence in the world that we're going to manage our problems and we're going to downsize our government so we have a future. because the opposite of not downsizing, not making our choices, i don't everybody gets fired from congress, the opposite of that is at the other end of future. and the loss of freedom, the loss of independence. the morning shows today talked about our lack of power and effect in the middle east. why do you think we have lost effect and power in the middle is? because we have lost our economic might and we are losing the power and effect of our military might. and we won't have the money to continue to be a force for good in the world, because we will not live within our means. so the debt bomb is coming. the question is how do we defuse it? to maintain what we need to do to help the people that really need help in this country, but i should get together and work and solve the problem rather than play the political game. we are already playing a political game about the
-called fiscal cliff by white house economic adviser gene sperling and republican senator rob portman. then we're live with a discussion on the latino vote in the 2012 presidential election and the prospects for changes to immigration policy. and later the senate's back at 2 p.m. eastern for general speeches. later, members resume debate on extending the transaction account guarantee or t.a.g. program that provides unlimited deposit insurance cover coverage a procedural vote on that measure is expected along with a vote on president obama's nominee to be the assistant secretary of housing and urban development. live gavel-to-gavel coverage here on c-span2. >> today the pew center ohses a daylong conference on voters' experiences in the 2012 election. representatives from google, facebook, microsoft and twitter as well as democratic and gop secretaries of state will discuss voter registration and id laws and the long lines that occurred outside some voting precincts. live coverage of the conference begins at 9 a.m. eastern over on c-span3. >> now, white house economic adviser gene sperling and
as we come to the year end that we have a major deal which we must have on the fiscal cliff that we also include the farm bill. because with the farm bill we save $23 billion over what we've been spending the last few years. so let's get to work and get this done. thank you, madam president. i yield the floor. i ask unanimous consent that the following members of senator baucus' staff be granted floor privileges during the consideration of h.r. 6156. that would be lisa pearlman, rebecca nolan, owen hockey and dan rusk. the presiding officer: without objection. ms. klobuchar: i yield the floor and i note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: the presiding officer: the senator from rhode island. mr. reed: i ask that the quorum call be dispensed with. the presiding officer: without objection. mr. reed: i ask unanimous consent a dealee to the committee on banking, housing and urban affairs, katharine topping be granted floor privileges for the remainder of this session. the presiding officer: without objection. mr. reed: thank you. we all
looking at that so-called fiscal cliff that's looming, we're looking at different aspects of it. and today we turn our attention to the alternative minimum tax and the patch that could come from congress if they're able to work out a deal. if they do nothing, this will impact 30 million americans. joining us to discuss is georgetown law's john buckley. thank you for being here. john buckley, let's begin. what is the alternative minimum tax? >> guest: well, in very simple terms, the tax requires you to pay the greater of what you pay under the regular income tax or what you would compute under the minimum tax which has a slightly broader base. it disallows some deductions that would be allowed in the regular tax. in some respects it's very similar to the cap on itemized deductions that's currently being discussed. rather than directly attack preferences and expenditures, it essentially puts an overall cap on the benefit. there's no new ideas in this debate. the cap bears a very strong relationship to how the alternative minimum tax works. >> host: here is the form 6251 from the irs for the
% of some sort of deal would be reached to avoid the fiscal cliff and i know it's hard to read the tea leaves because in the meantime you have these offers that are not serious. it's like fiscal cliff bungee jumping. i believe the odds are good that there'll be some sort of deal made. >> let's get into the longer-term deal which i think almost everyone agrees, entitlement reform and tax reform is going to take place in 2013 and maybe 14. it's a long process but just in the short term, can the republicans, can enough republicans while a win say we don't like it but we will have to go along for now whether it's 39.6% rate in comeback with the promise next year of trying to lower it and broaden the base? >> i would much prefer we do the kind of reform that i laid out in a bill a few weeks ago, not inking this bill would become law but this bill would show a path forward with $4.5 trillion in savings. i think that, in the event that the house feels that when they see that the senate is obviously controlled by the democratic party and the democratic president, he basically have a president,
Search Results 0 to 16 of about 17

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